UMB Fund Services Assists StepStone Private Wealth with Flagship Fund Transition to Daily Admittance, Launch of New Infrastructure Fund

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UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), has expanded its services for StepStone Group Private Wealth LLC, part of StepStone Group Inc. (NASDAQ: STEP), by assisting in the transition to daily net asset value (NAV) and daily admittance of StepStone's flagship fund, a $1.6 billion multi-asset-class private markets fund. UMBFS also helped with the recent launch of StepStone's new infrastructure fund. This expansion has allowed investors to purchase shares on a daily basis, eliminating the need for paper subscription documents. StepStone is among the first managers to offer a daily NAV for a multi-asset-class registered fund invested in private markets. UMB Fund Services is providing comprehensive servicing for both funds.

MILWAUKEE--(BUSINESS WIRE)-- UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), announced today its service expansion for StepStone Group Private Wealth LLC, part of StepStone Group Inc. (NASDAQ: STEP), one of the largest asset managers focused exclusively on private markets.

UMBFS, who provides fund administration, fund accounting, custody, transfer agency and distribution services for StepStone’s flagship fund, recently assisted with the transition to daily net asset value (NAV) and daily admittance of the company’s multi-asset-class private markets fund—a $1.6 billion, broad-based private markets solution that spans private equity, private debt and real assets—as well as the recent launch of a new infrastructure fund.

“We’re deeply honored to work so closely with our partners at StepStone, who are industry pioneers not only in their investment funds, but with how those funds are made available for purchase,” said Maureen Quill, executive director of registered funds at UMBFS.

In July, StepStone began publishing a daily NAV for its flagship fund, StepStone Private Markets (“SPRIM”), allowing investors to purchase shares on a daily basis. StepStone is among the first managers to strike a daily NAV for a multi asset-class registered fund invested in private markets. Investors can now purchase shares through mutual fund platforms using a ticker; paper subscription documents are no longer required. UMB assisted with the transition process and assumed comprehensive servicing.

“We worked hand-in-hand with UMBFS to transition our flagship registered fund investing in private markets from posting a monthly NAV to a daily NAV—all while migrating transfer agency, distribution, fund administration, fund accounting and custody services at the same time,” said Kristine Westley, managing director of operations at StepStone Private Wealth. “This was a monumental task, and it could not have been handled more quickly or professionally. We greatly appreciate UMB Fund Services’ partnership.”

In September, StepStone launched a new fund, StepStone Private Infrastructure Fund (“STRUCTURE”). Like SPRIM, STRUCTURE is an evergreen interval fund that can be purchased daily, and UMB Fund Services is providing the same services as with SPRIM.

UMB Fund Services is a national leader in registered and alternative investment fund administration, providing a broad array of award-winning services for mutual funds and alternative investments. Our credentialed team helps clients navigate today’s asset-servicing challenges with innovative solutions for servicing your mutual fund, alternative fund, collective fund, registered closed-end fund or exchange-listed fund. UMB Fund Services offers fund accounting, administration, tax, investor services, transfer agency, custody, distribution and more. Learn why our outstanding service, leading-edge technology and the stability of a highly capitalized parent make us the right choice for you, at umb.com/fundservices.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB Bank, N.A. offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231130145901/en/

Kaele Palmer, 202.276.2471

Kaele.palmer@umb.com

Source: UMB Fund Services, Inc.

FAQ

What is the expanded service provided by UMB Fund Services, Inc. for StepStone Group Private Wealth LLC?

UMB Fund Services, Inc. (UMBFS) has assisted in the transition to daily net asset value (NAV) and daily admittance of StepStone's flagship fund, as well as the recent launch of a new infrastructure fund.

What is the significance of the recent expansion for StepStone Group Inc. (NASDAQ: STEP)?

The expansion has allowed investors to purchase shares on a daily basis, eliminating the need for paper subscription documents. StepStone is among the first managers to offer a daily NAV for a multi-asset-class registered fund invested in private markets.

What are the services provided by UMB Fund Services, Inc. for StepStone Group Inc. (NASDAQ: STEP)?

UMB Fund Services is providing comprehensive servicing for StepStone's flagship fund and the new infrastructure fund, including fund administration, fund accounting, custody, transfer agency, and distribution services.

What are the benefits of the recent service expansion for StepStone Group Private Wealth LLC?

The expansion has allowed investors to purchase shares on a daily basis, eliminating the need for paper subscription documents. StepStone is among the first managers to offer a daily NAV for a multi-asset-class registered fund invested in private markets.

What are the credentials of UMB Fund Services, Inc.?

UMB Fund Services is a national leader in registered and alternative investment fund administration, providing a broad array of award-winning services for mutual funds and alternative investments.